Industrial Growth Down To 3.8%

Dresdner Bank AG has posted a net loss of Rs 5.64 crore for the year 1998-99 in its Indian operations.

Last year, it had shown a net profit of Rs 4.43 crore.

The fall in net profit is due a decline in income to Rs 56.5 crore from Rs 58.3 crore and a rise in expenditure to Rs 62.1 crore from Rs 53.8 crore.

There has also been a large decrease in assets of the company which have fallen from Rs 436.26 crore to Rs 359.41 crore this year.

The balances with banks and money at short and call notice fell from Rs 167.89 crore to Rs 3.65 crore this year.

 

The Sanwa Bank has registered a net profit of Rs 2.89 crore this year as against Rs 3.70 crore last year. The bank has shown a 22 per cent drop in net profit.

Interest income earned by Sanwa has fallen from Rs 38.50 crore to Rs 32.13 crore. Also, the operating expenses has increased from Rs 5.35 crore to Rs 5.66 crore. However, the interest expended for the year declined from last year's level of Rs 18.22 crore to Rs 16.18 crore this year.

Scotia Bank has posted a rise in net profit of 193 per cent this year. Its net profit was at Rs 20.72 crore this as compared to Rs 7.07 crore last year.

The level of advances for the bank increased from Rs 498.74 crore to Rs 614.42 crore this year.

Interest income of the bank, too, increased by 31.20 per cent from Rs 81.74 crore to Rs 107.31 crore. Although interest expenditure of the bank too showed a substantial increase from Rs 93.73 crore last year to Rs 133.24 crore this year.

Bank of Tokyo-Mitsubishi continued to show losses as it netted a loss of Rs 52.50 crore this year. This was less than the net loss of Rs 336.42 crore last year.

Income earned by the bank decreased further to Rs 155.92 crore from Rs 170.92 crore last year. This was largely due to a fall in interest income. Operating expenses were up from Rs 28.80 crore last year to Rs 409.69 crore.